|
1550
Peachtree Street, N.W. Atlanta, Georgia
30309
|
Jeff
Dodge
|
Tim
Klein
|
Investor
Relations
|
Media
Relations
|
(404)
885-8804
|
(404)
885-8555
|
jeff.dodge@equifax.com
|
tim.klein@equifax.com
|
|
·
|
Fourth
quarter revenue was $482 million, up 11 percent from the fourth quarter of
2009.
|
|
·
|
Fourth
quarter diluted EPS from continuing operations attributable to Equifax was
$0.50, up 16 percent from the fourth quarter of
2009.
|
|
·
|
Fourth
quarter adjusted EPS from continuing operations attributable to Equifax
was $0.62, up 10 percent from the fourth quarter of
2009.
|
|
·
|
Full
year 2010 revenue was $1.86 billion, up 8 percent from full year 2009
revenue.
|
|
·
|
Full
year 2010 diluted EPS from continuing operations attributable to Equifax
was $1.86, up 9 percent from full year 2009 and full year 2010 adjusted
EPS from continuing operations attributable to Equifax was $2.31, up 6
percent from full year 2009.
|
|
·
|
In
addition to the financial highlights noted above, operating margin from
continuing operations was 22.8 percent for the fourth quarter of
2010. On a non-GAAP basis, excluding the impact of a 2009
restructuring charge, operating margin in 2009 was also 22.8
percent.
|
|
·
|
On
October 1, 2010, we acquired Anakam, Inc., a provider of large-scale,
software-based, multi-factor authentication solutions for approximately
$64 million. The results of this acquisition are included in our
U.S. Consumer Information Solutions
segment.
|
|
·
|
The
Board of Directors declared a quarterly dividend of $0.16 per share, a 300
percent increase from previous quarterly dividends of $0.04 per
share.
|
|
·
|
We
repurchased 1.5 million of our common shares on the open market for $51
million during the fourth quarter of 2010. At December 31, 2010, our
remaining authorization for future share repurchases was $104.5
million.
|
|
·
|
Online
Consumer Information Solutions revenue was $116.8 million, up 1 percent
from a year ago.
|
|
·
|
Mortgage
Solutions revenue was $29.3 million, up 27 percent from a year
ago.
|
|
·
|
Consumer
Financial Marketing Services revenue was $45.1 million, up 46 percent when
compared to a year ago.
|
|
·
|
Latin
America revenue was $60.4 million, up 7 percent in local currency and 10
percent in U.S. dollars from a year
ago.
|
|
·
|
Europe
revenue was $36.2 million, up 6 percent in local currency and 1 percent in
U.S. dollars from a year ago.
|
|
·
|
Canada
Consumer revenue was $29.3 million, up 5 percent in local currency and 10
percent in U.S. dollars from a year
ago.
|
|
·
|
The
Work Number revenue was $54.2 million, up 30 percent from a year
ago.
|
|
·
|
Tax
and Talent Management Services revenue was $48 million, consistent with a
year ago.
|
|
·
|
Revenue
from continuing operations was $1.86 billion, up 8 percent from $1.72
billion in 2009.
|
|
·
|
Total
revenue from continuing operations for USCIS was $743.0 million in 2010, a
4 percent increase from 2009.
|
|
·
|
Total
revenue for International was $482.8 million in 2010, a 10 percent
increase from 2009. In local currency, revenue was up 5 percent when
compared to the same period in the prior
year.
|
|
·
|
Total
revenue for TALX was $395.6 million in 2010, a 14 percent increase over
2009.
|
|
·
|
Total
revenue for North America Personal Solutions was $157.6 million in 2009, a
6 percent increase from 2009.
|
|
·
|
Total
revenue for North America Commercial Solutions was $80.5 million in 2010,
a 15 percent increase from 2009. In local currency, revenue was up
12 percent when compared to 2009.
|
|
·
|
During
2010, we sold our APPRO loan origination software business (“APPRO”), for
approximately $72 million, and we also sold substantially all the assets
of our Direct Marketing Services division (“DMS”) for approximately $117
million. Both of these businesses are reported as discontinued
operations and were previously included in the results of our U.S.
Consumer Information Solutions segment.
|
|
·
|
Operating
margin from continuing operations was 23.1 percent for the full year
2010. On a non-GAAP basis, excluding the impact of a 2009
restructuring charge, operating margin in 2009 was 23.7
percent.
|
|
·
|
Total
debt was $1.0 billion at December 31, 2010, a decrease of $174.5 million
from December 31, 2009.
|
Three
Months Ended
|
||||||||
December 31,
|
||||||||
2010
|
2009
|
|||||||
(In
millions, except per share amounts)
|
(Unaudited)
|
|||||||
Operating
revenue
|
$ | 482.0 | $ | 435.4 | ||||
Operating
expenses:
|
||||||||
Cost
of services (exclusive of depreciation and amortization
below)
|
193.3 | 183.8 | ||||||
Selling,
general and administrative expenses
|
137.0 | 130.2 | ||||||
Depreciation
and amortization
|
42.0 | 38.5 | ||||||
Total
operating expenses
|
372.3 | 352.5 | ||||||
Operating
income
|
109.7 | 82.9 | ||||||
Interest
expense
|
(13.8 | ) | (14.1 | ) | ||||
Other
income, net
|
0.3 | 0.4 | ||||||
Consolidated
income from continuing operations before income taxes
|
96.2 | 69.2 | ||||||
Provision
for income taxes
|
(32.2 | ) | (12.6 | ) | ||||
Consolidated
income from continuing operations
|
64.0 | 56.6 | ||||||
Discontinued
operations, net of tax
|
- | 5.3 | ||||||
Consolidated
net income
|
64.0 | 61.9 | ||||||
Less: Net
income attributable to noncontrolling interests
|
(1.8 | ) | (1.7 | ) | ||||
Net
income attributable to Equifax
|
$ | 62.2 | $ | 60.2 | ||||
Amounts
attributable to Equifax:
|
||||||||
Income
from continuing operations attributable to Equifax
|
$ | 62.2 | $ | 54.9 | ||||
Discontinued
operations, net of tax
|
- | 5.3 | ||||||
Net
income
|
$ | 62.2 | $ | 60.2 | ||||
Basic
earnings per common share:
|
||||||||
Income
from continuing operations attributable to Equifax
|
$ | 0.51 | $ | 0.44 | ||||
Discontinued
operations attributable to Equifax
|
- | 0.04 | ||||||
Net
income attributable to Equifax
|
$ | 0.51 | $ | 0.48 | ||||
Weighted-average
shares used in computing basic earnings per share
|
123.1 | 126.4 | ||||||
Diluted
earnings per common share:
|
||||||||
Income
from continuing operations attributable to Equifax
|
$ | 0.50 | $ | 0.43 | ||||
Discontinued
operations attributable to Equifax
|
- | 0.04 | ||||||
Net
income attributable to Equifax
|
$ | 0.50 | $ | 0.47 | ||||
Weighted-average
shares used in computing diluted earnings per share
|
124.9 | 127.5 | ||||||
Dividends
per common share
|
$ | 0.16 | $ | 0.04 |
Twelve
Months Ended
|
||||||||
December 31,
|
||||||||
2010
|
2009
|
|||||||
(In
millions, except per share amounts)
|
(Unaudited)
|
|||||||
Operating
revenue
|
$ | 1,859.5 | $ | 1,716.0 | ||||
Operating
expenses:
|
||||||||
Cost
of services (exclusive of depreciation and amortization
below)
|
759.9 | 718.8 | ||||||
Selling,
general and administrative expenses
|
507.4 | 470.2 | ||||||
Depreciation
and amortization
|
162.2 | 145.2 | ||||||
Total
operating expenses
|
1,429.5 | 1,334.2 | ||||||
Operating
income
|
430.0 | 381.8 | ||||||
Interest
expense
|
(56.1 | ) | (57.0 | ) | ||||
Other
income, net
|
1.3 | 6.2 | ||||||
Consolidated
income from continuing operations before income taxes
|
375.2 | 331.0 | ||||||
Provision
for income taxes
|
(131.9 | ) | (106.6 | ) | ||||
Consolidated
income from continuing operations
|
243.3 | 224.4 | ||||||
Discontinued
operations, net of tax
|
31.5 | 16.1 | ||||||
Consolidated
net income
|
274.8 | 240.5 | ||||||
Less: Net
income attributable to noncontrolling interests
|
(8.1 | ) | (6.6 | ) | ||||
Net
income attributable to Equifax
|
$ | 266.7 | $ | 233.9 | ||||
Amounts
attributable to Equifax:
|
||||||||
Income
from continuing operations attributable to Equifax
|
$ | 235.2 | $ | 217.8 | ||||
Discontinued
operations, net of tax
|
31.5 | 16.1 | ||||||
Net
income
|
$ | 266.7 | $ | 233.9 | ||||
Basic
earnings per common share:
|
||||||||
Income
from continuing operations attributable to Equifax
|
$ | 1.89 | $ | 1.72 | ||||
Discontinued
operations attributable to Equifax
|
0.25 | 0.13 | ||||||
Net
income attributable to Equifax
|
$ | 2.14 | $ | 1.85 | ||||
Weighted-average
shares used in computing basic earnings per share
|
124.8 | 126.3 | ||||||
Diluted
earnings per common share:
|
||||||||
Income
from continuing operations attributable to Equifax
|
$ | 1.86 | $ | 1.70 | ||||
Discontinued
operations attributable to Equifax
|
0.25 | 0.13 | ||||||
Net
income attributable to Equifax
|
$ | 2.11 | $ | 1.83 | ||||
Weighted-average
shares used in computing diluted earnings per share
|
126.5 | 127.9 | ||||||
Dividends
per common share
|
$ | 0.28 | $ | 0.16 |
December 31,
|
December 31,
|
|||||||
2010
|
2009
|
|||||||
(In
millions, except par values)
|
(Unaudited)
|
|||||||
ASSETS
|
||||||||
Current
assets:
|
||||||||
Cash
and cash equivalents
|
$ | 119.4 | $ | 103.1 | ||||
Trade
accounts receivable, net of allowance for doubtful accounts of $7.5 and
$15.1 at December 31, 2010 and 2009, respectively
|
262.6 | 258.7 | ||||||
Prepaid
expenses
|
26.1 | 27.6 | ||||||
Other
current assets
|
21.1 | 27.4 | ||||||
Total
current assets
|
429.2 | 416.8 | ||||||
Property
and equipment:
|
||||||||
Capitalized
internal-use software and system costs
|
315.9 | 316.6 | ||||||
Data
processing equipment and furniture
|
181.0 | 184.2 | ||||||
Land,
buildings and improvements
|
169.5 | 164.5 | ||||||
Total
property and equipment
|
666.4 | 665.3 | ||||||
Less
accumulated depreciation and amortization
|
(368.0 | ) | (346.0 | ) | ||||
Total
property and equipment, net
|
298.4 | 319.3 | ||||||
Goodwill
|
1,914.7 | 1,943.2 | ||||||
Indefinite-lived
intangible assets
|
95.6 | 95.5 | ||||||
Purchased
intangible assets, net
|
593.9 | 687.0 | ||||||
Other
assets, net
|
101.8 | 88.7 | ||||||
Total
assets
|
$ | 3,433.6 | $ | 3,550.5 | ||||
LIABILITIES
AND EQUITY
|
||||||||
Current
liabilities:
|
||||||||
Short-term
debt and current maturities
|
$ | 20.7 | $ | 183.2 | ||||
Accounts
payable
|
24.6 | 35.9 | ||||||
Accrued
expenses
|
61.9 | 67.7 | ||||||
Accrued
salaries and bonuses
|
71.9 | 58.1 | ||||||
Deferred
revenue
|
58.7 | 69.8 | ||||||
Other
current liabilities
|
81.7 | 77.5 | ||||||
Total
current liabilities
|
319.5 | 492.2 | ||||||
Long-term
debt
|
978.9 | 990.9 | ||||||
Deferred
income tax liabilities, net
|
244.2 | 249.3 | ||||||
Long-term
pension and other postretirement benefit liabilities
|
129.0 | 142.5 | ||||||
Other
long-term liabilities
|
53.6 | 60.6 | ||||||
Total
liabilities
|
1,725.2 | 1,935.5 | ||||||
Equifax
shareholders' equity:
|
||||||||
Preferred
stock, $0.01 par value: Authorized shares - 10.0; Issued shares -
none
|
- | - | ||||||
Common
stock, $1.25 par value: Authorized shares - 300.0; Issued shares - 189.3
at December 31, 2010 and 2009; Outstanding shares - 122.6 and 126.2 at
December 31, 2010 and 2009, respectively
|
236.6 | 236.6 | ||||||
Paid-in
capital
|
1,105.8 | 1,102.0 | ||||||
Retained
earnings
|
2,725.7 | 2,494.2 | ||||||
Accumulated
other comprehensive loss
|
(344.5 | ) | (318.7 | ) | ||||
Treasury
stock, at cost, 64.6 shares and 61.0 shares at December 31, 2010 and 2009,
respectively
|
(1,991.0 | ) | (1,871.7 | ) | ||||
Stock
held by employee benefits trusts, at cost, 2.1 shares at December 31, 2010
and 2009
|
(41.2 | ) | (41.2 | ) | ||||
Total
Equifax shareholders' equity
|
1,691.4 | 1,601.2 | ||||||
Noncontrolling
interests
|
17.0 | 13.8 | ||||||
Total
equity
|
1,708.4 | 1,615.0 | ||||||
Total
liabilities and equity
|
$ | 3,433.6 | $ | 3,550.5 |
Twelve
Months Ended
|
||||||||
December 31,
|
||||||||
2010
|
2009
|
|||||||
(In
millions)
|
(Unaudited)
|
|||||||
Operating
activities:
|
||||||||
Consolidated
net income
|
$ | 274.8 | $ | 240.5 | ||||
Adjustments
to reconcile consolidated net income to net cash provided by operating
activities:
|
||||||||
Gain
on divestitures
|
(27.1 | ) | - | |||||
Depreciation
and amortization
|
167.8 | 158.8 | ||||||
Stock-based
compensation expense
|
21.8 | 19.6 | ||||||
Excess
tax benefits from stock-based compensation plans
|
(3.5 | ) | (1.3 | ) | ||||
Deferred
income taxes
|
0.1 | 14.7 | ||||||
Changes
in assets and liabilities, excluding effects of
acquisitions:
|
||||||||
Accounts
receivable, net
|
(3.6 | ) | 12.8 | |||||
Prepaid
expenses and other current assets
|
6.1 | (1.4 | ) | |||||
Other
assets
|
(1.4 | ) | (6.9 | ) | ||||
Current
liabilities, excluding debt
|
(32.4 | ) | 4.2 | |||||
Other
long-term liabilities, excluding debt
|
(50.0 | ) | (22.6 | ) | ||||
Cash
provided by operating activities
|
352.6 | 418.4 | ||||||
Investing
activities:
|
||||||||
Capital
expenditures
|
(99.8 | ) | (70.7 | ) | ||||
Acquisitions,
net of cash acquired
|
(82.6 | ) | (196.0 | ) | ||||
Proceeds
received from divestitures
|
181.7 | - | ||||||
Investment
in unconsolidated affiliates, net
|
1.7 | (3.4 | ) | |||||
Cash
provided by (used in) investing activities
|
1.0 | (270.1 | ) | |||||
Financing
activities:
|
||||||||
Net
short-term (repayments) borrowings
|
(134.0 | ) | 101.8 | |||||
Net
repayments under long-term revolving credit facilities
|
(5.0 | ) | (415.2 | ) | ||||
Payments
on long-term debt
|
(20.8 | ) | (31.8 | ) | ||||
Proceeds
from issuance of long-term debt
|
- | 274.4 | ||||||
Treasury
stock purchases
|
(167.5 | ) | (23.8 | ) | ||||
Dividends
paid to Equifax shareholders
|
(35.2 | ) | (20.2 | ) | ||||
Dividends
paid to noncontrolling interests
|
(5.1 | ) | (4.0 | ) | ||||
Proceeds
from exercise of stock options
|
29.3 | 10.2 | ||||||
Excess
tax benefits from stock-based compensation plans
|
3.5 | 1.3 | ||||||
Other
|
(0.5 | ) | (1.0 | ) | ||||
Cash
used in financing activities
|
(335.3 | ) | (108.3 | ) | ||||
Effect
of foreign currency exchange rates on cash and cash
equivalents
|
(2.0 | ) | 4.9 | |||||
Increase
in cash and cash equivalents
|
16.3 | 44.9 | ||||||
Cash
and cash equivalents, beginning of period
|
103.1 | 58.2 | ||||||
Cash
and cash equivalents, end of period
|
$ | 119.4 | $ | 103.1 |
(in
millions)
|
Three
Months Ended December 31,
|
|||||||||||||||||||
Local
Currency
|
||||||||||||||||||||
2010
|
2009
|
$ Change
|
% Change
|
% Change*
|
||||||||||||||||
Operating
revenue:
|
||||||||||||||||||||
Online
Consumer Information Solutions
|
$ | 116.8 | $ | 116.2 | $ | 0.6 | 1 | % | ||||||||||||
Mortgage
Solutions
|
29.3 | 23.0 | 6.3 | 27 | % | |||||||||||||||
Consumer
Financial Marketing Services
|
45.1 | 30.9 | 14.2 | 46 | % | |||||||||||||||
Total
U.S. Consumer Information Solutions
|
191.2 | 170.1 | 21.1 | 12 | % | |||||||||||||||
Latin
America
|
60.4 | 55.1 | 5.3 | 10 | % | 7 | % | |||||||||||||
Europe
|
36.2 | 35.9 | 0.3 | 1 | % | 6 | % | |||||||||||||
Canada
Consumer
|
29.3 | 26.7 | 2.6 | 10 | % | 5 | % | |||||||||||||
Total
International
|
125.9 | 117.7 | 8.2 | 7 | % | 6 | % | |||||||||||||
The
Work Number
|
54.2 | 41.6 | 12.6 | 30 | % | |||||||||||||||
Tax
and Talent Management Services
|
48.0 | 47.8 | 0.2 | 0 | % | |||||||||||||||
Total
TALX
|
102.2 | 89.4 | 12.8 | 14 | % | |||||||||||||||
North
America Personal Solutions
|
37.8 | 36.0 | 1.8 | 5 | % | |||||||||||||||
North
America Commercial Solutions
|
24.9 | 22.2 | 2.7 | 12 | % | 11 | % | |||||||||||||
Total
operating revenue
|
$ | 482.0 | $ | 435.4 | $ | 46.6 | 11 | % | 10 | % |
(in millions)
|
Twelve Months Ended December
31,
|
|||||||||||||||||||
Local
Currency
|
||||||||||||||||||||
2010
|
2009
|
$ Change
|
% Change
|
% Change*
|
||||||||||||||||
Operating
revenue:
|
||||||||||||||||||||
Online
Consumer Information Solutions
|
$ | 485.2 | $ | 501.4 | $ | (16.2 | ) | -3 | % | |||||||||||
Mortgage
Solutions
|
113.5 | 99.5 | 14.0 | 14 | % | |||||||||||||||
Consumer
Financial Marketing Services
|
144.3 | 111.3 | 33.0 | 30 | % | |||||||||||||||
Total
U.S. Consumer Information Solutions
|
743.0 | 712.2 | 30.8 | 4 | % | |||||||||||||||
Latin
America
|
231.3 | 200.4 | 30.9 | 15 | % | 8 | % | |||||||||||||
Europe
|
137.6 | 138.4 | (0.8 | ) | -1 | % | 2 | % | ||||||||||||
Canada
Consumer
|
113.9 | 99.8 | 14.1 | 14 | % | 4 | % | |||||||||||||
Total
International
|
482.8 | 438.6 | 44.2 | 10 | % | 5 | % | |||||||||||||
The
Work Number
|
209.1 | 158.2 | 50.9 | 32 | % | |||||||||||||||
Tax
and Talent Management Services
|
186.5 | 188.2 | (1.7 | ) | -1 | % | ||||||||||||||
Total
TALX
|
395.6 | 346.4 | 49.2 | 14 | % | |||||||||||||||
North
America Personal Solutions
|
157.6 | 149.0 | 8.6 | 6 | % | |||||||||||||||
North
America Commercial Solutions
|
80.5 | 69.8 | 10.7 | 15 | % | 12 | % | |||||||||||||
Total
operating revenue
|
$ | 1,859.5 | $ | 1,716.0 | $ | 143.5 | 8 | % | 7 | % |
(in millions)
|
Three Months Ended December
31,
|
|||||||||||||||||||||||
Operating
|
Operating
|
|||||||||||||||||||||||
|
2010
|
Margin
|
2009
|
Margin
|
$ Change
|
% Change
|
||||||||||||||||||
Operating income: | ||||||||||||||||||||||||
U.S.
Consumer Information Solutions
|
$ | 69.4 | 36.3 | % | $ | 57.5 | 33.8 | % | $ | 11.9 | 21 | % | ||||||||||||
International
|
29.7 | 23.6 | % | 32.3 | 27.5 | % | (2.6 | ) | -8 | % | ||||||||||||||
TALX
|
24.9 | 24.4 | % | 18.9 | 21.1 | % | 6.0 | 32 | % | |||||||||||||||
North
America Personal Solutions
|
11.7 | 30.9 | % | 10.2 | 28.1 | % | 1.5 | 15 | % | |||||||||||||||
North
America Commercial Solutions
|
8.0 | 32.3 | % | 7.5 | 34.0 | % | 0.5 | 7 | % | |||||||||||||||
General
Corporate Expense
|
(34.0 | ) |
nm
|
(43.5 | ) |
nm
|
9.5 | 22 | % | |||||||||||||||
Total
operating income
|
$ | 109.7 | 22.8 | % | $ | 82.9 | 19.1 | % | $ | 26.8 | 32 | % |
(in millions)
|
Twelve Months Ended December
31,
|
|||||||||||||||||||||||
Operating
|
Operating
|
|||||||||||||||||||||||
|
2010
|
Margin
|
2009
|
Margin
|
$ Change
|
% Change
|
||||||||||||||||||
Operating income: | ||||||||||||||||||||||||
U.S.
Consumer Information Solutions
|
$ | 269.8 | 36.3 | % | $ | 259.4 | 36.4 | % | $ | 10.4 | 4 | % | ||||||||||||
International
|
119.4 | 24.7 | % | 118.9 | 27.1 | % | 0.5 | 0 | % | |||||||||||||||
TALX
|
92.1 | 23.3 | % | 75.4 | 21.8 | % | 16.7 | 22 | % | |||||||||||||||
North
America Personal Solutions
|
44.6 | 28.3 | % | 34.3 | 23.0 | % | 10.3 | 30 | % | |||||||||||||||
North
America Commercial Solutions
|
19.5 | 24.2 | % | 15.1 | 21.7 | % | 4.4 | 29 | % | |||||||||||||||
General
Corporate Expense
|
(115.4 | ) |
nm
|
(121.3 | ) |
nm
|
5.9 | 5 | % | |||||||||||||||
Total
operating income
|
$ | 430.0 | 23.1 | % | $ | 381.8 | 22.3 | % | $ | 48.2 | 13 | % |
Three
Months Ended
|
Twelve
Months Ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
U.S.
Consumer Information Solutions
|
$ | 11.0 | $ | 9.9 | $ | 41.4 | $ | 35.4 | ||||||||
International
|
6.7 | 6.1 | 25.6 | 23.2 | ||||||||||||
TALX
|
17.3 | 16.2 | 67.9 | 62.6 | ||||||||||||
North
America Personal Solutions
|
1.4 | 1.3 | 5.4 | 4.8 | ||||||||||||
North
America Commercial Solutions
|
1.6 | 1.5 | 6.2 | 5.8 | ||||||||||||
General
Corporate Expense
|
4.0 | 3.5 | 15.7 | 13.4 | ||||||||||||
Total
depreciation and amortization
|
$ | 42.0 | $ | 38.5 | $ | 162.2 | $ | 145.2 |
Three Months Ended December 31,
2010
|
||||||||||||||||
Operating Revenue
|
Operating Income
|
|||||||||||||||
Amount
|
%
|
Amount
|
%
|
|||||||||||||
Canada
Consumer
|
$ | 1.2 | 4 | % | $ | 0.5 | 4 | % | ||||||||
Canada
Commercial
|
0.3 | 4 | % | 0.1 | 4 | % | ||||||||||
Europe
|
(1.7 | ) | -5 | % | (0.4 | ) | -5 | % | ||||||||
Latin
America
|
1.2 | 2 | % | 0.1 | 1 | % |
Twelve Months Ended December 31,
2010
|
||||||||||||||||
Operating Revenue
|
Operating Income
|
|||||||||||||||
Amount
|
%
|
Amount
|
%
|
|||||||||||||
Canada
Consumer
|
$ | 10.6 | 11 | % | $ | 4.2 | 10 | % | ||||||||
Canada
Commercial
|
2.3 | 10 | % | 0.9 | 10 | % | ||||||||||
Europe
|
(3.2 | ) | -2 | % | (0.8 | ) | -3 | % | ||||||||
Latin
America
|
14.3 | 7 | % | 1.4 | 2 | % |
5.
|
What
are the 2009 and 2008 quarterly revenue and operating income impacts of
the discontinued operations on the U.S. Consumer Information Solutions
segment?
|
U.S. Consumer Information
Solutions
|
||||||||||||||||||||||||
Operating Revenue
|
Operating Income
|
Operating Margin
|
||||||||||||||||||||||
As Reported
|
Adjusted
|
As Reported
|
Adjusted
|
As Reported
|
Adjusted
|
|||||||||||||||||||
Q1
2009
|
$ | 210.0 | $ | 183.6 | $ | 75.5 | $ | 69.7 | 36 | % | 38 | % | ||||||||||||
Q2
2009
|
211.0 | 184.7 | 74.3 | 69.1 | 35 | % | 37 | % | ||||||||||||||||
Q3
2009
|
200.7 | 173.8 | 69.4 | 63.1 | 35 | % | 36 | % | ||||||||||||||||
Q4
2009
|
199.0 | 170.1 | 66.0 | 57.5 | 33 | % | 34 | % | ||||||||||||||||
2009
|
$ | 820.7 | $ | 712.2 | $ | 285.2 | $ | 259.4 | 35 | % | 36 | % | ||||||||||||
Q1
2008
|
$ | 233.2 | $ | 202.7 | $ | 90.1 | $ | 81.8 | 39 | % | 40 | % | ||||||||||||
Q2
2008
|
228.6 | 198.0 | 86.9 | 77.9 | 38 | % | 39 | % | ||||||||||||||||
Q3
2008
|
220.6 | 190.8 | 84.2 | 75.3 | 38 | % | 39 | % | ||||||||||||||||
Q4
2008
|
208.4 | 177.2 | 75.9 | 63.9 | 36 | % | 36 | % | ||||||||||||||||
2008
|
$ | 890.8 | $ | 768.7 | $ | 337.1 | $ | 298.9 | 38 | % | 39 | % |
Reconciliations
of Non-GAAP Financial Measures to the Comparable GAAP Financial Measures
(Unaudited)
|
||||||||||
(Dollars
in millions, except per share amounts)
|
A.
|
Reconciliation
of net income from continuing operations attributable to Equifax to
diluted EPS from continuing operations attributable to Equifax,
adjusted for acquisition-related amortization expense, restructuring
charge and income tax benefit:
|
Three Months Ended
|
||||||||||||||||
December 31,
|
||||||||||||||||
2010
|
2009
|
$ Change
|
% Change
|
|||||||||||||
Net
income from continuing operations attributable to Equifax
|
62.2 | 54.9 | 7.3 | 13 | % | |||||||||||
Restructuring
charge, net of tax (1)
|
- | 10.4 | (10.4 | ) |
nm
|
|||||||||||
Income
tax benefit (2)
|
- | (7.3 | ) | 7.3 |
nm
|
|||||||||||
Net
income from continuing operations attributable to Equifax, adjusted for
restructuring charge and income tax benefit
|
62.2 | 58.0 | 4.2 | 7 | % | |||||||||||
Acquisition-related
amortization expense, net of tax
|
14.7 | 13.6 | 1.1 | 8 | % | |||||||||||
Net
income from continuing operations attributable to Equifax, adjusted for
restructuring charge, income tax benefit and acquisition-related
amortization expense
|
$ | 76.9 | $ | 71.6 | $ | 5.3 | 7 | % | ||||||||
Diluted
EPS from continuing operations attributable to Equifax, adjusted for
restructuring charge, income tax benefit and acquisition-related
amortization expense
|
$ | 0.62 | $ | 0.56 | $ | 0.06 | 10 | % | ||||||||
Weighted-average
shares used in computing diluted EPS
|
124.9 | 127.5 |
Twelve Months Ended
|
||||||||||||||||
December 31,
|
||||||||||||||||
2010
|
2009
|
$ Change
|
% Change
|
|||||||||||||
Net
income from continuing operations attributable to
Equifax
|
235.2 | 217.8 | 17.4 | 8 | % | |||||||||||
Restructuring
charge, net of tax (1)
|
- | 15.8 | (15.8 | ) |
nm
|
|||||||||||
Income
tax benefit (2)
|
- | (7.3 | ) | 7.3 |
nm
|
|||||||||||
Net
income from continuing operations attributable to Equifax, adjusted for
restructuring charge and income tax benefit
|
235.2 | 226.3 | 8.9 | 4 | % | |||||||||||
Acquisition-related
amortization expense, net of tax
|
57.2 | 51.2 | 6.0 | 12 | % | |||||||||||
Net
income from continuing operations attributable to Equifax, adjusted for
restructuring charge, income tax benefit and acquisition-related
amortization expense
|
$ | 292.4 | $ | 277.5 | $ | 14.9 | 5 | % | ||||||||
Diluted
EPS from continuing operations attributable to Equifax, adjusted for
restructuring charge, income tax benefit and acquisition-related
amortization expense
|
$ | 2.31 | $ | 2.17 | $ | 0.14 | 6 | % | ||||||||
Weighted-average
shares used in computing diluted EPS
|
126.5 | 127.9 |
B.
|
Reconciliation
of operating income to adjusted operating income, excluding restructuring
charge, and presentation of adjusted operating
margin:
|
Three Months Ended
|
||||||||||||||||
December 31,
|
||||||||||||||||
2010
|
2009
|
$ Change
|
% Change
|
|||||||||||||
Revenue
|
$ | 482.0 | $ | 435.4 | $ | 46.6 | 11 | % | ||||||||
Operating
income
|
$ | 109.7 | $ | 82.9 | $ | 26.8 | 32 | % | ||||||||
Restructuring
charge (1)
|
- | 16.4 | (16.4 | ) |
nm
|
|||||||||||
Adjusted
operating income, excluding restructuring charge
|
$ | 109.7 | $ | 99.3 | $ | 10.4 | 10 | % | ||||||||
Adjusted
operating margin
|
22.8 | % | 22.8 | % |
Twelve Months Ended
|
||||||||||||||||
December 31,
|
||||||||||||||||
2010
|
2009
|
$ Change
|
% Change
|
|||||||||||||
Revenue
|
$ | 1,859.5 | $ | 1,716.0 | $ | 143.5 | 8 | % | ||||||||
Operating
income
|
$ | 430.0 | $ | 381.8 | $ | 48.2 | 13 | % | ||||||||
Restructuring
charge (1)
|
- | 24.8 | (24.8 | ) |
nm
|
|||||||||||
Adjusted
operating income, excluding restructuring charge
|
$ | 430.0 | $ | 406.6 | $ | 23.4 | 6 | % | ||||||||
Adjusted
operating margin, excluding restructuring
charge
|
23.1 | % | 23.7 | % |